Keppel enters divestment deal with GE Singapore

It will be selling its stake in GE Keppel Energy Services.

Keppel Corporation announced that its wholly-owned subsidiary, Keppel Infrastructure Holdings, has entered into a sale and purchase agreement to divest its entire 49.99% interest in GE Keppel Energy Services Pte Ltd to GE Singapore Pte. Ltd for a consideration of $24.6m.

The deal was inked through Keppel Infrastructure Services Pte. Ltd, which housed the technical support and Operations & Maintenance (O&M) capabilities within the Keppel Infrastructure group. It operates energy and environmental related infrastructure facilities globally.

GE Keppel is a company incorporated in Singapore and its principal activity is the repair of electrical, mechanical and marine equipment and the repair of power generation equipment. The Purchaser is a member of the General Electric group of companies.

According to the group, the divestment is in line with their strategy to regularly review its asset portfolio to identify capital recycling opportunities. The proceeds from the deal will be used by the group to pursue other opportunities.

The deal is set to be completed in February 2017.

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